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<PAGE> PAGE 4
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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025 A000501 MERRILL LYNCH & CO., INC.
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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SIGNATURE GARY TENKMAN
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 011
<NAME> GROWTH FUND
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> NOV-09-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 10115142
<INVESTMENTS-AT-VALUE> 11705634
<RECEIVABLES> 47197
<ASSETS-OTHER> 11969
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11764800
<PAYABLE-FOR-SECURITIES> 97736
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<TOTAL-LIABILITIES> 123177
<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 0<F1>
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<OVERDISTRIBUTION-NII> 5800
<ACCUMULATED-NET-GAINS> 36731
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1590492
<NET-ASSETS> 11641623
<DIVIDEND-INCOME> 37567
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<NET-INVESTMENT-INCOME> (5539)
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<APPREC-INCREASE-CURRENT> 1590492
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<SHARES-REINVESTED> 18
<NET-CHANGE-IN-ASSETS> 11641623
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<PER-SHARE-NII> (0.01)<F1>
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<PER-SHARE-NAV-END> 11.61<F1>
<EXPENSE-RATIO> 1.28<F1>
<FN>
<F1> A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 012
<NAME> GROWTH FUND
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> NOV-09-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 10115142
<INVESTMENTS-AT-VALUE> 11705634
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<ASSETS-OTHER> 11969
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11764800
<PAYABLE-FOR-SECURITIES> 97736
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<OTHER-ITEMS-LIABILITIES> 25441
<TOTAL-LIABILITIES> 123177
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10020200
<SHARES-COMMON-STOCK> 500<F1>
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<OVERDISTRIBUTION-NII> 5800
<ACCUMULATED-NET-GAINS> 36731
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1590492
<NET-ASSETS> 11641623
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<INTEREST-INCOME> 565
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<EXPENSES-NET> 43671
<NET-INVESTMENT-INCOME> (5539)
<REALIZED-GAINS-CURRENT> 36731
<APPREC-INCREASE-CURRENT> 1590492
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<AVERAGE-NET-ASSETS> 5367<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> (0.01)<F1>
<PER-SHARE-GAIN-APPREC> 1.58<F1>
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<PER-SHARE-NAV-END> 11.57<F1>
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<FN>
<F1> B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 013
<NAME> GROWTH FUND
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> NOV-09-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 10115142
<INVESTMENTS-AT-VALUE> 11705634
<RECEIVABLES> 47197
<ASSETS-OTHER> 11969
<OTHER-ITEMS-ASSETS> 0
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<NET-ASSETS> 11641623
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<EXPENSES-NET> 43671
<NET-INVESTMENT-INCOME> (5539)
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<APPREC-INCREASE-CURRENT> 1590492
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<NUMBER-OF-SHARES-SOLD> 1002000
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 18
<NET-CHANGE-IN-ASSETS> 11641623
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<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31592
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 151427
<AVERAGE-NET-ASSETS> 10765912<F1>
<PER-SHARE-NAV-BEGIN> 10.00<F1>
<PER-SHARE-NII> (0.01)<F1>
<PER-SHARE-GAIN-APPREC> 1.63<F1>
<PER-SHARE-DIVIDEND> 0.00<F1>
<PER-SHARE-DISTRIBUTIONS> 0.00<F1>
<RETURNS-OF-CAPITAL> 0.00<F1>
<PER-SHARE-NAV-END> 11.62<F1>
<EXPENSE-RATIO> 1.03<F1>
<FN>
<F1> Y SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 021
<NAME> FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> NOV-09-1999
<PERIOD-END> MAR-31-2000
<INVESTMENTS-AT-COST> 10032518
<INVESTMENTS-AT-VALUE> 9923919
<RECEIVABLES> 155264
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<OTHER-ITEMS-ASSETS> 0
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<OTHER-ITEMS-LIABILITIES> 73161
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<PER-SHARE-NAV-BEGIN> 10.00<F1>
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<PER-SHARE-GAIN-APPREC> (0.18)<F1>
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<PER-SHARE-NAV-END> 9.82<F1>
<EXPENSE-RATIO> 1.05<F1>
<FN>
<F1> A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 022
<NAME> FIXED INCOME FUND
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> NOV-09-1999
<PERIOD-END> MAR-31-2000
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<FN>
<F1> B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 023
<NAME> FIXED INCOME FUND
<S> <C>
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<FISCAL-YEAR-END> SEP-30-2000
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<FN>
<F1> Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 031
<NAME> DIVERSIFIED ASSETS FUND
<S> <C>
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<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-START> NOV-09-1999
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<PER-SHARE-NAV-END> 10.36<F1>
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<FN>
<F1> A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 032
<NAME> DIVERSIFIED ASSETS FUND
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> SEP-30-2000
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<PERIOD-END> MAR-31-2000
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<PER-SHARE-NAV-END> 10.36<F1>
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<FN>
<F1> B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 033
<NAME> DIVERSIFIED ASSETS FUND
<S> <C>
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<FISCAL-YEAR-END> SEP-30-2000
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<PER-SHARE-NAV-END> 10.36<F1>
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<FN>
<F1> Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 041
<NAME> MONEY MARKET FUND
<S> <C>
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<PER-SHARE-NAV-END> 1.00<F1>
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<FN>
<F1> A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 042
<NAME> MONEY MARKET FUND
<S> <C>
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<PER-SHARE-NAV-END> 1.00<F1>
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<FN>
<F1> Y Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 051
<NAME> GLOBAL OPPORTUNITIES FUND
<S> <C>
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<FN>
<F1> A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 052
<NAME> GLOBAL OPPORTUNITIES FUND
<S> <C>
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<FN>
<F1> B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001091362
<NAME> USALLIANZ FUNDS
<SERIES>
<NUMBER> 053
<NAME> GLOBAL OPPORTUNITIES FUND
<S> <C>
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<FN>
<F1> Y Shares
</FN>
</TABLE>